1810. Sanditz & Traurig (Waterbury, CT)

Bank Information

Episode Type
Suspension → Closure
Bank Type
private
Start Date
December 23, 1931
Location
Waterbury, Connecticut (41.558, -73.051)

Metadata

Model
gpt-5-mini
Short Digest
9847e713

Response Measures

None

Description

No article describes a depositor run. The private bank closed Dec 23, 1931 after the Merchants' Trust failed to open; Waterbury National Bank was later confirmed as receiver (Feb 1932) and the institution remained in receivership with periodic dividend payments through at least 1936.

Events (2)
1. December 23, 1931 Suspension
Cause
Correspondent
Cause Details
Closed after Merchants' Trust Company did not open because of depreciation in securities prices; Sanditz & Traurig was a heavy depositor in Merchants' Trust.
Newspaper Excerpt
The private bank of Sanditz & Traurig, a heavy depositor in the Merchants' Trust, closed during the morning, but its officers said it was 100 per cent solvent.
Source
newspapers
2. February 5, 1932 Receivership
Newspaper Excerpt
The Waterbury National Bank was confirmed as permanent receiver for the Sanditz & Traurig ... at a short calendar hearing before Judge Frederick M. Peasley in superior court to-day.
Source
newspapers

Newspaper Articles (12)
1. December 24, 1931 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, December 24, 1931

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$6,000,000 WATERBURY BANK CLOSES DOORS By Associated Press. WATERBURY, CONN., December 23.-The Merchants' Trust Company of Waterbury, with deposits of nearly $6,000,000, did not open today. A statement by directors said the closing was because of the depreciation in securities prices. The private bank of Sanditz & Traurig. a heavy depositor in the Merchants' Trust, closed during the morning. but its officers said it was "100 per cent solvent." Merchants' Trust Company officers said its depositors would suffer no loss. orating. such as tissue paper or crepe paper. "Use only electric lights-never candles- illuminating Christmas trees. "In the event it in necessary to reach the top the Christmas tree for some purpose other use step ladder. Makeshifts such as chairs and often painful falls and in number of cases result in fatal injuries. Use Tree But One Week. "Dispose of packing material immediately, thereby eliminating fire hazard. "Guard against the use of adorning electric lights with fancy decorations. Sufficient heat may be developed from the average electric bulb to ignite these materials. "It is wise to dispose of your Christmas tree on or before New Year's Day. upon drying, it becomes highly inflammable.

2. February 5, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, February 5, 1932

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CONFIRM CITIZENS-MANUFACTURERS AS RECEIVER THE WATERBURY CONDUCTS CHOIR At Last-A Place To Park! Shift $200,000 In NATIONAL BANK Notes To Savings Confirmed as Receiver for Sanditz & Traurig From Commercial and Kazemekas Co Four Months Allowed for Filing of Claims Against AT SHORT CALENDER Merchants Trust-Judge Peasley Asked to Rule The Waterbury National Bank was confirmed as permanent reon Status of Set Offs in Closed Institution Affect= ceiver for the Sanditz & Traurig and Kezemekas & Co banks at a ing Heavy Transfer of Paper short calendar hearing before Judge Frederick M. Peasley in sudepositors. Notices of the time limThe Citizens and Manufacturers perior court to-day. it are to be advertised in all newsNational Bank was confirmed as The time limit for the filing of papers of the city. permanent receiver for the Merchclaims was set for four mouths beIn setting four months as the ants Trust Company and a time ginning as of Feb 12th. This aptime limit, Attorney Francis T. limit of four months was set for plies to everyone having claims exReeves, counsel for the receiver, the filing of claims against the cepting depositors who are given explained that depositors will not closed bank following a hearing priority over all other claims. have to file claims because the law before Judge Frederick M. Pease-

3. April 4, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, April 4, 1932

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ASSETS OF BANKS TOTAL $734,905.04 Sanditz-Traurig And Kazemekas Co. Figures Public Mortgage Loans High in Both Defunct Institutions— Thousands of Dollars Listed Deposited in Savings Department of Both Institutions Inventories of the closed Sandits & Traurig and the Kazemekas & Co banks were filed to-day in superior court by the Waterbury National bank, receiver for both institutions. The report shows the assets in the Sanditz Traurig bank as $306,446.95 and in the & Co bank as $428, 458.09. These are listed as the values, The reports on both banks will be filed within a couple of weeks. Included among the assets of the Sanditz bank is certificate of deposit in the Merchants Trust $40,000. The certificate in the Merchants Trust Co is listed as $10,- One of the large items in the assets of the the loans, listed as 625.00. The report shows that Kazemekas bank has on deposit in cash in the Merchants Trust Co, $2,884.40. Cash hand in the Kazemekas bank is listed as $33.706.71 and the cash in the Sanditz bank is listed as $41,010.40. The inventory of the Sanditz bank as follows: Cash, Items and cash in bank. $41,010.40; securities, $33,820.60; real estate, $40,111.30: demand loans, $47,629.57; industrial loans, $14,902.02: Industrial loan repayments, included by the bank examiners. $20,301.70; mortgage loans, $89,005.40: and equipment, $19,665.96. The bank has deposits in the amounting to $156,381.01 and Christmas club accounts to $1,746. Inventory of the Kazemekas tank as follows: $33,Cash, 706.71: stocks bonds. $22,137.38; bond state, estate, $51,000; time and demand loans, $17,058; industrial loans, $33,644.50; mortgage loans, $182.equipment. The Kazemekas bank has deposits in the savings amounting to $307,992.12 and Christmas savings club accounts amounting to $713.30.

4. June 25, 1932 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, June 25, 1932

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Payments of dividends to depositors of two of Waterbury's closed private banks were ordered yesterday afternoon by `Judge Newell Jennings following a hearing in superior court. Ten per cent payments will be made in the savings depositors of the Merchants Trust Co and the Sanditz & Traurig banks. The Sanditz depositors will receive their payments around July 25th while no date was set in the Merchants Trust Co case. In the petition for a dividend payment in the case of the Merchants Trust Co it is stated that the receiver will have enough cash

5. March 24, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 24, 1933

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Many motions pertaining to civil matters came before Judge Frederick M. Peasley at the short calendar session of the superior court to-day. It marks Judge Peasley's last appearance in Waterbury for this term, Judge John Richards Booth of Danbury coming here next week for the spring. Motions relative to bank and other receiverships occupied a good deal of the court's attention to-day. In the Sanditz & Traurig and Kazemekas & Co bank receiverships, the receiver, the Waterbury National bank was authorized to proceed with a stock transfer that became necessary following the merging of companies whose stock is held by both local banks. It will be merely a bookkeeping transactoin. The receiver for the Tracy Bros Co was authorized to pay the $115 water rent due the City of Waterbury, from the funds the receiver has collected during the receivership. Joseph D. Cohen, receiver for the Jackson-Cohen Co, was authorized to pay certain administration expenses amounting to $232.95. Charles A. Templeton, receiver for Charles A. Templeton, Inc, was given permission to pay all accounts up to and including $10 as

6. March 27, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 27, 1933

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Commissioner of Banks to Act (Continued from Page 1) Waterbury as receiver for the Merchant's Trust Co., and the Waterbury National Bank as receiver for the Sanditz & Traurig and Kazemekas & Co. banks. It will also mean the retirement of the Naugatuck National Bank as receiver for the Naugatuck Bank & Trust Co. The bill gives authority to the state bank commissioner to take over the duties ol all bank receiverships and bring about the liquidation of the insolvent banks' assets. The bill also gives authority to the bank commissioner to appoint deputies or agents to assist him in the liquidation of any bank's assets. It might develop, should the bill pass, that the bank commis-, sioner would reappoint each of the Waterbury bank receivers to assist him in the receivership conduct. Whether the local bank receivers would be willing to accept the propositions remains a question. It is a known fact that the Citizens & Manufacturers National Bank only accepted the receivership of the Merchants Trust upon request. Whether it would continue, should the bank commissioner be given the receivership and provided he requested it to do so, will be a question. It is expected that the employes now working at the Merchants Trust Co. would be kept on until the bank commissioner or his deputies, could take over the position with full knowledge of the affairs of the company. The bill further provides that all receivers be paid for the amount of work they have accomplished during their tenures in the receivership positions.

7. July 21, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, July 21, 1933

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ACCEPT OFFER ON BANK MORTGAGE Court Authorizes Actions in Two Receiverships ONE CONTINUANCE Several matters in connection with the receiverships of the Sanditz & Traurig and Kazemekas & Company banks were heard by Judge Frank P. McEvoy in superior court to-day. The court gave permisison to the Waterbury National bank, receiver for both banks, to accept a $2,700 offer in payment for a $4,700 mortgage owed by Angelina Davino. Permission was also given the receiver to bring suit against Sully Berman and others for the collection of a note in the amount of $196. The receiver was granted permission to accept $200 and deposits of $1,600 to release a third mortgage of $6,000 on Watertown property which had been appraised as of no value by court appraisers. The offer was made in the Eva Blazys case. Judge McEvoy continued until the flal session of the court, the application asking permission to bring suit against Anastasia Kazemekas for the collection of $46 house rent. The same action was taken in the application in regard to the offer of $5,600 for part of the property at City Hill street in Naugatuck, that is included as an asset of the Kazemekas bank.

8. November 11, 1933 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, November 11, 1933

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BANK RECEIVER REPORTS ON TWO LOCAL HOUSES Financial Returns in Octo= ber for Sanditz & Trau= rig and Kazemekas Reports of the Waterbury tional Bank. receiver for the Sanditz & Traurig and Kazemekas Company banks for the month of filed superior court to-day. Receipts of the ceiver for the Kazemekas bank were swelled during the month by $1,288.34, representing dividend payments the Merchants Trust The report shows that Kazeme. receipts during month were pared the of tures and tax collector for the City Waterbury on owned by the suspended bank. Receipts in the Sanditz Traureceivership of Included payment the tax collector of the $862 for to for surance. Receipts in the Kazemekas reloans, demand dividends. $44 loans, $722.57 The dividend ments included on the tificate of deposit Merchants Trust accounts in the Merchants Trust company Receipts the Sanditz Traurig case included payments Industrial loans, bills discounted. mortgage loans. $294: Stamford rents. $67.89.

9. March 7, 1934 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, March 7, 1934

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Bank Receivership Reports Are Filed Receipts Exceed Expenditures in Both-Waterbury National Bank Is Receiver for Two Institutions Reports of receivership opera tions the Sanditz Traurig and Kazemekas Co banks were filed in superior court to-day for the month of February. The Waterbury National bank is receiver for both companies. In the Sanditz & Traurig the celpts were $2.205.94 with disbursements of $1,518.22 In the Kazemekas & Co case the receipts were $816 with disbursements of $238 Included in the receipts were rent collections amounting to $536 Cash on hand in the Kazemekas case is $3.977.39 Cash in the Sanditz & Traurig receivership is $2,895.28. The receipts In the Sanditz & Traurig case realized as follows: Industrial loans, $73.66 bills discounted $48.58: collateral loans, $307.35 mortgage loans, $170: interest $154.52: miscellanelous $51.83; Stamford rent collections $983: Waterbury rent collections $417. Included in the disbursements was payment of $1,000 to the Union & New Haven Trust Co for part mortgage interest. The receipts in the Kazemekas were received similarily to the Sanditz case.

10. October 22, 1934 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 22, 1934

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Receipts of the Sanditz & Traurig receivership exceeded expenses by $5,064.70 and in the Kazemekas & Co receivership by $6,577.77, according to the six months report of the receiver for both closed banks, the Waterbury National bank, filed to-day in superior court. Receipts in the Sanditz receivership were $13,284.05 as against expenses of $8,219.35. In the Kazemekas receivership the receipts were $10,653.99 as compared to expenses of $4,076.22. Cash in the Sanditz case is listed as $9,128.39. In the Kazemekas Co, it is $11,327.33. In the Sanditz receivership, the receiver realized its largest revenue from the collection of Stamford rents, the figure being $5,176.50. Collection of Waterbury rents amounted to $1,617.47. Included in the revenue was a $4,000 payment from the Merchants Trust Co. It was a ten per cent dividend payment on its certificate of deposit. The receiver collected $548.81 in mortgage loans, and $581.40 in interest payments. Expenses connected with the receivership included $1,208, representing the amount paid for a mortgage; $3,110.02, paid in taxes for property; $1,000 interest payments; $521.80 for gas, water and electricity and $606.80 for painting and repairing to property. The revenue in the Kazemekas case was realized from: Sale of

11. October 22, 1934 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, October 22, 1934

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Receiver Submits Semi- Yearly Reports Receipts Exceed Expenses in Both Sanditz & Traurig and Kazemekas Bank Affairs-Statements Filed Receipts of the Sanditz & Trau- property in Union City, $2,996.87; ten per cent dividend from the rig receivership exceeded expenses Merchants Trust Co $1,394.25; by $5,064.70 and in the Kazemekas rents, $3,901.30; industrial loans, & Co receivership by $6,577.77, ac$531.32: time and demand loans, cording to the six months report of $509; interest $699.88; mortgages the receiver for both closed banks, receivable $300. the Waterbury National bank, filed Among the expenses paid out to-day in superior court. were: Taxes $1,863.10; janitor and Receipts in the Sanditz receiversupplies $455.05 ;paintings and reship were $13,284.05 as against expairing $438.35; plumbing, $334.92; penses of $8,219.35. In the Kazeinsurance $157; water taxes mekas receivership the receipts $273.99. were $10,653.99 as compared to The receiver states the assets expenses of $4,076.22. were not liquidated faster because Cash in the Sanditz case is listof the lack of a market for its real ed as $9,128.39. In the Kazemekas estate.

12. June 18, 1936 The Waterbury Democrat Waterbury, CT
Article from The Waterbury Democrat, June 18, 1936

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LOCAL BANK CAN PAY DIVIDEND Sanditz, Traurig Able to Settle 10 Percent More, If Court Permits Payment of a dividend of 10 per cent to depositors of the Sanditz & Traurig private bank, which went into receivership more than four years ago, will be made during the summer if Judge Edwin C. Dickenson in superior court tomorrow approves an application for permission to pay it. The motion for permission to pay a dividend has been filed by the Waterbury National Bank, receiver for the closed concern. Attorney L. Russell Carter, counsel for the receiver, said this morning that if the court approves the application, the dividend will be paid on or about August 10. It will be the third dividend received by Sanditz & Traurig depositors. 25% Already Paid This far in the / receivership dividends of 25% have been paid to (Continued on Page 4.)